There are dozens of questions that college parents and families have during the move on-to-campus and transition to college life.
Among the most important questions that college families are smart to ask is – What will happen if your student has to withdraw from college?
According to GradGuard, A majority of school refund policies do not extend beyond the fifth week of the semester, and many do not refund the full cost of tuition after the start of classes. Even if the school provides a 100% refund for tuition, nearly all schools do not refund academic fees or student housing expenses.
According to the 2018 College Confidence Index, 23% of parents surveyed indicate that they could not pay for an additional semester of classes and 51% indicate that it would be difficult.
The American College Health Association annual survey on National College Health student health reports incidents such as illnesses, accidents, and injuries can frequently happen, even to young and healthy college students. In fact, the growth in student health conditions are evidence for the greater risk that students and families now face.
5 Reasons Tuition Insurance is a Smart Decision:
- If you can’t afford to lose the investment you are making in your semester of school – Tuition insurance can provide up to 100% refund for your expenses if a student gets sick, injured or have to leave school due to the death of a parent. Tuition insurance can cover those costs and help you get back to classes, without the added stress of a financial loss.
- If your school does not provide 100% refund? – Do you know your school’s refund policy? A majority of school refund policies do not extend beyond the fifth week of the semester, and many don’t refund the full cost of tuition after the start of classes. Be sure to check with your school to see what their policy is and how much money is at risk.
- If you have more than $2,500 of academic expenses – Even if the school provides a 100% refund for tuition, most schools do not refund academic fees or student housing. Many tuition insurance plans provide coverage for not only tuition but also for expenses related to academic fees and student housing.
- If you are a first-year student – Adjusting to the demands of college life can be stressful and often students are unaware of how to maintain their good health. As a result, tuition insurance can be smart for new college students.
- If you are taking out a student loan – Though subject to a partial refund, student loans must be repaid even if your student completes a medical withdrawal. As a result, purchasing tuition insurance can be used to repay the balance of your student loan or help you pay for the next term.
At College Parents of America, we know that losses do happen. If you can’t afford the cost of an extra semester, than you are smart to consider the value of tuition insurance for your student and family.
No matter where your student attends college, families deserve the opportunity to protect their investment in a higher education. Just remember tuition insurance must be purchased before the start of each term.